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Paytm IPO: GMP dries up ahead of shares listing – Mint

Digital payments and financial services firm Paytm initial public offering’s (IPO) share allotment has been announced and the stock is expected to list on leading exchanges BSE and NSE this week on Thursday, November 18, and will be one of India’s most valued companies. 

The three-day issue was launched on November 1 which concluded on November 3, with a price band of 2,080-2,150 per share. As per market observers, Paytm shares in the grey market today have dried up and moved to a discount of 30 ahead of its shares listing.

The country’s biggest IPO was subscribed 1.89 times with institutional buyers including FIIs flooding the share sale with offers seeking 2.79 times the number of shares reserved for them. The company saw participation from blue chip investors like Blackrock, Canada Pension Plan Investment Board, GIC, ADIA, APG, City of New York, Texas Teachers Retirement, NPS Japan, University of Texas, NTUC Pension out of Singapore, University of Cambridge etc.

Paytm IPO comprised a fresh issue of equity shares worth 8,300 crore and an offer for sale (OFS) of shares worth up to 10,000 crore. The OFS, or secondary share sale, consisted of the sale of shares worth up to 402.65 crore by founder Vijay Shekhar Sharma.

With the 18,300-crore share sale via public issue, Paytm IPO has become the largest fintech IPO in the Asia Pacific region.

Incorporated in 2000, One97 Communications is India’s leading digital ecosystem for consumers and merchants. It offers a range of services to the users – payment services and financial services. It is the largest payments platform in India, with a GMV of around 4 lakh crore in FY21. As of June 30, 2021, it offers payment services, commerce & cloud services, and financial services to 33.7 crore consumers & over 2.2 crore merchants.

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